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valeant

Valeant rejected joint takeover bid from Takeda, TPG in spring: source

Valeant Pharmaceuticals International Inc received a joint takeover offer from Japan's Takeda Pharmaceutical Co Ltd and TPG Capital Management LP [TPG.UL] this spring that the Canadian drugmaker rejected, according to a source familiar with the matter. The offer was made a few weeks before Joseph Papa took over as Valeant's new chief executive in April last week, the source told Reuters. Takeda and private equity firm TPG were ready to offer a substantial premium to Valeant, whose stock had fallen about 65 percent this year up to the close of trade on April 22 as the drugmaker was not just seeking a new head but was also hit by an accounting scandal, the source added.

U.S. investigative panel to look into drug pricing next year

By Sarah N. Lynch WASHINGTON (Reuters) – A U.S. House of Representatives investigative panel said it plans to hold a 2016 hearing on skyrocketing drug costs, a move that comes at a time when Valeant Pharmaceuticals International is facing increased scrutiny into its pricing practices. A spokeswoman for the U.S. House Committee on Oversight & Government Reform said on Monday the panel is conducting a thorough investigation into drug pricing and has reached out to drug companies to gather information. Earlier this month, the U.S. Senate Special Committee on Aging launched a new probe into drug pricing at Valeant and Turing, signaling growing bipartisan agreement on the need to review the rising cost of prescription drugs in the United States.